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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 12 Oct 2017 My Price 10.00

Peterson Manufacturing Corporation

P11-2A Peterson Manufacturing Corporation accumulates the following data   relative to jobs started and finished during the month of June   2011.

 

Costs and Production Data

 

Actual

 

Standard

Raw materials unit cost

 

$2.25

 

$2.00

Raw materials units used

 

10,600

 

10,000

Direct labor payroll

 

$122,400

 

$120,000

Direct labor hours  worked

 

14,400

 

15,000

Manufacturing overhead incurred

 

$184,500

 

 

Manufacturing overhead applied

 

 

 

$189,000

Machine hours expected to be used at normal   capacity

 

 

 

42,500

Budgeted fixed overhead for  June

 

 

 

$51,000

Variable overhead rate per machine hour

 

 

 

$3.00

Fixed overhead rate per machine  hour

 

 

 

$1.20

Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials pur- chased equaled the amount  used.

Instructions

(a)   Compute all of the variances for (1) direct materials and (2) direct labor.

(b)   Compute the total overhead variance.

(c)    Prepare an income statement for management. Ignore income taxes.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Oct 2017 08:10 PM My Price 10.00

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